CHICAGO, Jan 14 (Reuters) - Billionaire Beanie Babies creator Ty Warner will serve two years of probation that includes mentoring high school students following his guilty plea on a tax evasion charge, a federal judge ruled on Tuesday.

Warner, 69, who pleaded guilty in October, said in Chicago federal court that it was the biggest mistake of his life before U.S. District Judge Charles Kocoras handed down the sentence. Prosecutors had sought a prison term for Warner. (Reporting by Mary Wisniewski; Writing by David Bailey; Editing by Cynthia Johnston)